An Estimation of the Capital Growth Rate in Business Activities

The cultural capital can be as a kind of asset that embodies, stores and produces the cultural values except for producing the economic values. With the further progress of modern civilization, scientific culture, on an economics perspective, as a combination of intangible and tangible capital, more and more becomes the one of important engine to make economic sustainable growth in the long run for a country. Based on the framework by Barro and Turnvosky, this paper constructed an economic growth model including the factor of scientific culture and mainly found that the impact of scientific culture capital growth rate on human capital accumulation is positive, and then affects economic growth rate. And the greater scientific culture capital growth rate influences the human capital accumulation, the higher economic growth rate is.

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Nash Bargaining Over Margin Loans to Kelly Gamblers

Risks ◽

10.3390/risks7030093 ◽

2019 ◽

Vol 7 (3) ◽

pp. 93 ◽

Cited By ~ 1

Author(s):

Alex Garivaltis

Keyword(s):

Growth Rate ◽

Nash Bargaining ◽

Annual Growth Rate ◽

Compound Annual Growth Rate ◽

Market Index ◽

Market Portfolio ◽

Capital Growth ◽

Complete Breakdown ◽

Stock Market Investors ◽

Threat Point

I derive practical formulas for optimal arrangements between sophisticated stock market investors (continuous-time Kelly gamblers or, more generally, CRRA investors) and the brokers who lend them cash for leveraged bets on a high Sharpe asset (i.e., the market portfolio). Rather than, say, the broker posting a monopoly price for margin loans, the gambler agrees to use a greater quantity of margin debt than he otherwise would in exchange for an interest rate that is lower than the broker would otherwise post. The gambler thereby attains a higher asymptotic capital growth rate and the broker enjoys a greater rate of intermediation profit than would be obtained under non-cooperation. If the threat point represents a complete breakdown of negotiations (resulting in zero margin loans), then we get an elegant rule of thumb: r L * = 3 / 4 r + 1 / 4 ν − σ 2 / 2 , where r is the broker’s cost of funds, ν is the compound-annual growth rate of the market index, and σ is the annual volatility. We show that, regardless of the particular threat point, the gambler will negotiate to size his bets as if he himself could borrow at the broker’s call rate.

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GROWTH, UNEMPLOYMENT, AND FISCAL POLICY: A POLITICAL ECONOMY ANALYSIS

Macroeconomic Dynamics ◽

10.1017/s1365100517001067 ◽

2018 ◽

Vol 23 (8) ◽

pp. 3099-3139 ◽

Cited By ~ 1

Author(s):

Tetsuo Ono

Keyword(s):

Growth Rate ◽

Fiscal Policy ◽

Capital Accumulation ◽

Government Expenditure ◽

Wage Bargaining ◽

Elderly Persons ◽

Capital Growth ◽

Collective Wage Bargaining ◽

Voting Game ◽

And Shifts

This study presents an overlapping-generations model featuring capital accumulation, collective wage-bargaining, and probabilistic voting over fiscal policy. The study characterizes a Markov-perfect political equilibrium of the voting game within and across generations, and it derives the following results. First, the greater bargaining power of unions lowers the capital growth rate and creates a positive correlation between unemployment and public debt. Second, an increase in the political power of elderly persons lowers the growth rate and shifts government expenditure from unemployed persons to elderly ones. Third, prohibiting debt finance increases the growth rate and benefits future generations; however, it worsens the state of present-day employed and unemployed persons.

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Game-Theoretic Optimal Portfolios for Jump Diffusions

Games ◽

10.3390/g10010008 ◽

2019 ◽

Vol 10 (1) ◽

pp. 8 ◽

Cited By ~ 1

Author(s):

Alex Garivaltis

Keyword(s):

Stock Prices ◽

Continuous Time ◽

Time Frame ◽

Relative Performance ◽

Jump Diffusions ◽

Capital Growth ◽

Game Theoretic ◽

Capital Growth Rate ◽

Zero Sum ◽

Increasing Function

This paper studies a two-person trading game in continuous time that generalizes Garivaltis (2018) to allow for stock prices that both jump and diffuse. Analogous to Bell and Cover (1988) in discrete time, the players start by choosing fair randomizations of the initial dollar, by exchanging it for a random wealth whose mean is at most 1. Each player then deposits the resulting capital into some continuously rebalanced portfolio that must be adhered to over [ 0 , t ] . We solve the corresponding “investment ϕ -game”, namely the zero-sum game with payoff kernel E [ ϕ { W 1 V t ( b ) / ( W 2 V t ( c ) ) } ] , where W i is player i’s fair randomization, V t ( b ) is the final wealth that accrues to a one dollar deposit into the rebalancing rule b, and ϕ ( • ) is any increasing function meant to measure relative performance. We show that the unique saddle point is for both players to use the (leveraged) Kelly rule for jump diffusions, which is ordinarily defined by maximizing the asymptotic almost-sure continuously compounded capital growth rate. Thus, the Kelly rule for jump diffusions is the correct behavior for practically anybody who wants to outperform other traders (on any time frame) with respect to practically any measure of relative performance.

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FACTORS AFFECTING CAPITAL STRUCTURE ON REGIONAL COMPANY OF BKK RURAL BANKS IN SUKOHARJO REGENCY

International Journal of Economics Business and Accounting Research (IJEBAR) ◽

10.29040/ijebar.v1i01.263 ◽

2017 ◽

Vol 1 (01) ◽

Author(s):

Hadi Samanto

Keyword(s):

Growth Rate ◽

Capital Structure ◽

Coefficient Of Determination ◽

Factors Affecting ◽

Capital Growth ◽

Negative Effect ◽

Asset Growth ◽

Additional Current ◽

Sales Increase ◽

The Capital Structure

The analysis result shows that sales positively affect the capital structure, it means that more sales increase is financed by debt. The asset structure does not positively affect the capital structure, it means that additional current assets are more financed from debt.Profitability has no negative effect on capital structure, it means that profits earned by the company can be partially replanted into the company to increase their own capital. Growth does not negatively affect the capital structure, it means a declining growth rate from year to year due to limited own capital, so asset growth is still financed by debt.Based on the F tests, it shows the sales, asset structure, profitability, growth affects the capital structure simultaneously. Coefficient of determination R², Adjusted R Square value is obtained which shows sales, asset structure, profitability, and growth can explain the structure of capital, the remainder is explained by the residual variable or outside of this study. Keywords: sales, asset structure, profitability, growth, and regression linear multiple.

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TREND INFLATION, RIGIDITIES, AND HUMAN CAPITAL GROWTH

Macroeconomic Dynamics ◽

10.1017/s1365100518000354 ◽

2018 ◽

Vol 24 (3) ◽

pp. 538-567

Author(s):

Adelaida Laguna ◽

Marcos Sanso

Keyword(s):

Growth Rate ◽

Human Capital ◽

Closed Economy ◽

Wage Setting ◽

First Case ◽

Long Run ◽

Capital Growth ◽

Setting Process ◽

Trend Inflation ◽

Key Factor

A wage setting process defined in terms of wage per hour is the key factor for obtaining negative optimal trend inflation in a closed economy. However, this inflation will be zero if the process is established on the wage per unit of human capital. The origin of both results is a dynamic mechanism that, with some differences, makes possible the attainment of a situation equivalent to wage flexibility. Finally, while the effect of trend inflation on the long-run growth rate is tiny in the first case, it is much more important in the second, highlighting the relevance of this approach.

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The threshold energy for atom displacement in fcc metals

Proceedings, annual meeting, Electron Microscopy Society of America ◽

10.1017/s0424820100175788 ◽

1990 ◽

Vol 48 (4) ◽

pp. 530-531

Author(s):

Wilfried Sigle ◽

Matthias Hohenstein ◽

Alfred Seeger

Keyword(s):

Growth Rate ◽

Elevated Temperatures ◽

Threshold Energy ◽

Dislocation Loops ◽

Absolute Minimum ◽

Voltage Electron ◽

Atom Displacement ◽

Electron Microscopes ◽

Fcc Metal

Prolonged electron irradiation of metals at elevated temperatures usually leads to the formation of large interstitial-type dislocation loops. The growth rate of the loops is proportional to the total cross-section for atom displacement,which is implicitly connected with the threshold energy for atom displacement, Ed . Thus, by measuring the growth rate as a function of the electron energy and the orientation of the specimen with respect to the electron beam, the anisotropy of Ed can be determined rather precisely. We have performed such experiments in situ in high-voltage electron microscopes on Ag and Au at 473K as a function of the orientation and on Au as a function of temperature at several fixed orientations.Whereas in Ag minima of Ed are found close to <100>,<110>, and <210> (13-18eV), (Fig.1) atom displacement in Au requires least energy along <100>(15-19eV) (Fig.2). Au is thus the first fcc metal in which the absolute minimum of the threshold energy has been established not to lie in or close to the <110> direction.

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